On the banking beat: Lenders wake up to life under Miliband

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Ed Miliband has committed himself to a policy that could have radical implicationsAP

Last updated at 12:01AM, January 18 2014

Ed Miliband’s attack on banks may have been blunt but, according to some Westminster watchers, the Labour leader did not plan to mount such a bold assault on the financial sector.

His speech at the University of London yesterday may have been intended to be a sweeping take on the economy, with a couple of lines thrown in suggesting that a competition investigation into banks should be considered.

Then that incendiary line about breaking up the high street banks leaked and Mr Miliband’s team faced a dilemma — stick to the original plan, which could have given the impression that they